Groupe Michelin and Managing Partner Didier Miraton have parted ways. That leaves the company with two "managers."
As part of the adjustment in Michelin’s corporate governance and executive management team, the managing general partners decided, with the agreement of the company's supervisory board, to put an end to Didier Miraton’s appointment as managing partner on June 21, 2011.
In relinquishing his duties as managing partner, Miraton will receive a severance payment equivalent to the salary, bonus and other compensation received in respect of 2009 and 2010 -- a total gross amount of around 1.8 million euros (approximately $2.5 million), or around 820,000 euros (close to $1.2 million) after deduction of withholding taxes.
Didier was named a non-general managing partner four years ago, along with Jean-Dominique Senard.
The move leaves Michelin with two managing general partners: Michel Rollier and Senard. Earlier this year, Rollier expressed his intention to step down before his term of office ends in 2016, and named Senard as his eventual replacement. The shareholders agreed to the move.
Managing partners, according to company bylaws, must be individuals and not legal entities. They are elected by shareholders. They can be either general or non-general partners; general partners have unlimited personal liability for Michelin’s debts.